Inaugurating the 63rd Annual General Meeting of the Morang Trade Association here today, Minister Khatiwada underscored the need for the private sector to attract foreign direct investment and expand their production to contribute towards the economic growth.

Stating that the incumbent government was not only focused on collecting revenue, Khatiwada shared that the government was working towards promoting the domestic industries and developing physical infrastructures.

He expressed his confidence that the people in the country would experience the positive impact of the first federal budget of this fiscal year in future which, as Minister Khatiwada said, was currently in the phase of implementation.

The Minister assured that the government would make efforts to promote the domestic textile industries and would work towards encouraging the textile industries and cotton farming in the country.

The government, according to him, was planning to start new and big projects in next fiscal year for which financial management was in the offing.

Minister Khatiwada argued that although no quantitative ban could be imposed on the goods to be imported from abroad in the absence of the laws and said that by considering increment in custom duties, it could be controlled.

On the occasion, Minister for Financial Affairs and Planning of Province No 1 Indra Aangbole echoed with Minister Khatiwada and spoke of the need for the private sector to take into account the expansion of productions to decrease foreign trade deficit.

He argued that the production-oriented economy would help build a strong nation.